WEST MANATEE FIRE & RESCUE DISTRICT FINANCIAL … rpts/2016 west...west manatee fire & rescue district financial statements september 30, 2016 . table of contents – continued page

WEST MANATEE FIRE & RESCUE DISTRICT

FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR’S REPORT 1 – 2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3 - 8 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS: STATEMENT OF NET POSITION 9 STATEMENT OF ACTIVITIES 10 FUND FINANCIAL STATEMENTS: BALANCE SHEET – GOVERNMENTAL FUND 11 RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUND TO THE STATEMENT OF NET POSITION 12 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCES – GOVERNMENTAL FUND 13 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUND TO THE STATEMENT OF ACTIVITIES 14 STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUND – PENSION TRUST FUND 15 STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUND – PENSION TRUST FUND 16 NOTES TO FINANCIAL STATEMENTS 17 - 41 REQUIRED SUPPLEMENTARY INFORMATION: SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND 42 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS - FFRP 43

WEST MANATEE FIRE & RESCUE DISTRICT FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

TABLE OF CONTENTS – CONTINUED PAGE REQUIRED SUPPLEMENTARY INFORMATION - CONTINUED: SCHEDULE OF CONTRIBUTIONS AND NOTES - FFRP 44 SCHEDULE OF ANNUAL MONEY-WEIGHTED RATE OF RETURN ON INVESTMENTS - FFRP 45 SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY - FRS 46 SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY - HIS 47 SCHEDULE OF THE DISTRICT’S CONTRIBUTIONS - FRS 48 SCHEDULE OF THE DISTRICT’S CONTRIBUTIONS - HIS 49 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION - FRS/HIS 50 SCHEDULE OF POST-EMPLOYMENT BENEFITS – OTHER THAN PENSION 51 OTHER SUPPLEMENTAL INFORMATION: SCHEDULE OF EXPENDITURES – BUDGET AND ACTUAL – GENERAL FUND 52 OTHER AUDITOR’S REPORTS INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 53 – 54 MANAGEMENT LETTER 55 – 56 INDEPENDENT ACCOUNTANT’S REPORT ON INVESTMENT COMPLIANCE 57

WEST MANATEE FIRE & RESCUE DISTRICT FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

GOVERNMENTAL ACTIVITIES

ASSETSCash and cash equivalents 3,396,919$ Investments 960,000 Due from other governments 338,474 Restricted assets:

Temporarily restricted:Cash and cash equivalents 241,074

Capital assets Land 642,669 Other capital assets, net of depreciation 7,684,139

Total Assets 13,263,275

Deferred outflows of pension resources 2,244,879

LIABILITIESAccounts payable and other current liabilities 123,743 Noncurrent liabilities:

Due within one year 332,474 Due in more than one year 6,148,080

Total Liabilities 6,604,297

Deferred inflows of pension earnings 576,481

NET POSITIONNet Investment in Capital Assets 5,150,937 Restricted 241,074 Unrestricted 2,935,365

TOTAL NET POSITION 8,327,376$

The accompanying notes are an integral part of these financial statements.

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WEST MANATEE FIRE & RESCUE DISTRICTSTATEMENT OF NET POSITION

SEPTEMBER 30, 2016

Public Safety-Fire ProtectionPersonal services 4,250,134$ Operating expenses 957,259 Depreciation 428,816 Interest 81,753

Total Program Expenses 5,717,962

Program Revenues:Capital grants 178,442 Charges for services 84,051

Net Program Expense 5,455,469

General Revenues:Fire assessments 6,604,469 Impact fees 67,830 Investment earnings 17,652 Miscellaneous 601,288

Total General Revenues 7,291,239

Increase in Net Position 1,835,770

Net Position – Beginning 6,491,606

Net Position – Ending 8,327,376$


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WEST MANATEE FIRE & RESCUE DISTRICTSTATEMENT OF ACTIVITIES

FOR THE YEAR ENDED SEPTEMBER 30, 2016

GENERALFUND

ASSETSCash 3,396,919$ Cash - restricted 241,074 Investments 960,000 Due from other governments 338,474 TOTAL ASSETS 4,936,467$

LIABILITIES AND FUND BALANCELiabilities:Accounts payable 6,371$ Accrued expenses 117,372 TOTAL LIABILITIES 123,743

FUND BALANCESpendable

Restricted 241,074 Committed - Assigned 2,925,000 Unassigned 1,646,650

TOTAL FUND BALANCE 4,812,724

TOTAL LIABILITIES AND FUND BALANCE 4,936,467$


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SEPTEMBER 30, 2016

WEST MANATEE FIRE & RESCUE DISTRICTBALANCE SHEET

GOVERNMENTAL FUND

Amounts reported for governmental activities in the statement of Net Positionare different because:

Fund Balance – Total Governmental Fund 4,812,724$

Capital assets used in governmental activities are not financialresources and, therefore, are not reported in the funds. 8,326,808

Deferred outflows of pension resources are not recognized in the governmental funds, however, they are recorded in the statementof net position under full accrual accounting 2,244,879

Deferred inflows of pension earnings are not recognized in the governmental funds, however, they are recorded in the statementof net position under full accrual accounting (576,481)

Long-term liabilities, including notes payable, and compensatedabsences, Net pension liability and OPEB are not due and payable in thecurrent period and therefore are not reported in the funds. (6,480,554)

NET POSITION OF GOVERNMENTAL ACTIVITIES 8,327,376$


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WEST MANATEE FIRE & RESCUE DISTRICTRECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUND

TO THE STATEMENT OF NET POSITIONSEPTEMBER 30, 2016

WEST MANATEE FIRE & RESCUE DISTRICTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDFOR THE YEAR ENDED SEPTEMBER 30, 2016

GENERALFUND

REVENUESFire protection services:

Tax assessments 6,604,469$ Impact fees 67,830 Interest income – unrestricted 17,652 Inspection fees 3,195 Grant income 178,442 Reimbursements 109,353 Miscellaneous income 46,823 Total Revenues 7,027,764

EXPENDITURESPublic Safety:

Personal services 4,749,769 Operating expenditures 813,656 Capital outlay 3,818,390

Debt Service:Principal 328,645 Interest 81,753 Total Expenditures 9,792,213

Excess of revenues over (under) expenditures (2,764,449)

Other Financing SourcesProceeds from sale of fixed assets 525,968 Proceeds from loan 2,000,000

2,525,968

Net Change in Fund Balance (238,481)

FUND BALANCE, October 1, 2015 5,051,205

FUND BALANCE, September 30, 2016 4,812,724$

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Amounts reported for governmental activities in the statement of activitiesare different because:

Net changes in fund balances – governmental fund (238,481)$

Governmental funds report capital outlays as expenditures. However,in the statement of activities, the cost of those assets is allocatedover their estimated useful lives and reported as depreciationexpense. This is the amount by which capital outlay exceedsdepreciation expense and loss on disposal in the current period. 3,245,971

The repayment of the principal of long-term debt consumes thecurrent financial resources of governmental funds. However,the transaction has no effect on change in net position. 328,645

Proceeds from the issuance of debt increases general fund balance.However, the transaction has no impact on change in net position. (2,000,000)

Some expenditures in the statement of activities do not require the use of current financial resources and, therefore, are not reportedas expenditures in the general fund. This represents the currentyear change in:

Compensated absences 5,334 OPEB liabilities 14,564 Net pension liability (341,494) Deferred outflows of pension resources 732,377 Deferred inflows of pension earnings 88,854

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 1,835,770$


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WEST MANATEE FIRE & RESCUE DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUND

FOR THE YEAR ENDED SEPTEMBER 30, 2016TO THE STATEMENT OF ACTIVITIES

ASSETSDue from State of Florida 56,477$

Investments, at fair valueMoney Market and short term funds 266,939 U.S. Government Obligations 816,530 Corporate Bonds 911,197 Foreign Stock 140,343 Fixed Income Funds 2,384,735 Equity Funds 7,096,705

Total Investments 11,616,449

TOTAL ASSETS 11,672,926

NET POSITIONHeld in trust for pension benefits 11,672,926$

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SEPTEMBER 30, 2016


WEST MANATEE FIRE & RESCUE DISTRICTSTATEMENT OF FIDUCIARY NET POSITIONFIDUCIARY FUND - PENSION TRUST FUND

ADDITIONSCONTRIBUTIONS:

Employer contributions 445,887$ Employee contributions 67,883 State contributions 280,680

Total contributions 794,450

INVESTMENT INCOME:Interest and dividends 297,625 Gain (loss) on sales (896,549) Net appreciation (depreciation) in fair value of investments 589,060

(9,864)

Less investment expense 31,752

Net investment income (loss) (41,616)

TOTAL ADDITIONS 752,834

DEDUCTIONSAdministrative expenses 65,373 Benefits paid to participants 61,967

TOTAL DEDUCTIONS 127,340

NET INCREASE (DECREASE) 625,494

NET POSITION HELD IN TRUST FOR PENSION BENEFITS:Beginning of period 11,047,432

End of period 11,672,926$

WEST MANATEE FIRE & RESCUE DISTRICTSTATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUND

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FOR THE YEAR ENDED SEPTEMBER 30, 2016PENSION TRUST FUND


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the West Manatee Fire & Rescue District, Manatee County, Florida:

(1) Reporting Entity – West Manatee Fire & Rescue District is a public municipal

corporation in the State of Florida created in 2000 under of the Laws of Florida (Chapter 2000-401). This act merged two predecessor Districts: The Anna Maria Fire Control District and the Westside Fire Control District. All of the assets and liabilities of the previous two Districts were transferred into the West Manatee Fire and Rescue District on the effective date of the act May 31, 2000.

Revenue is provided for in the Bill by special assessments against taxable real estate lying within the territorial bounds of the District as defined by the State of Florida. Disbursements are made for maintenance and upkeep of the fire stations, purchase of fire fighting and rescue equipment, payment of wages, employee benefits, and administrative expenses.

The State of Florida passed Legislation, which took effect in 1985, which provides for the District to collect impact fees to defray the cost of improvements required to provide fire and emergency service to the new users of the District. The impact fees collected are to be used exclusively for the acquisition, purchase or construction of new facilities and equipment required to provide these services to the new users in the District.

(2) Basis of Presentation –The District’s basic financial statements includes

Government-wide (which reports the District as a whole) and Fund financial statements (which report only on the General and Fiduciary Funds). The Basic Financial Statements present only governmental activities, as the District conducts no business type activities.

Basis of Accounting: Basic Financial Statements – Government Wide Statements- The Government-Wide Financial Statements (Statement of Net Position and Statement of Activities) are prepared using the economic resources measurement focus and the accrual basis of accounting. These statements exclude the District’s fiduciary activities (pension trust fund.) For the most part, interfund activity has been removed from these statements. The District’s net position is reported in three parts (as applicable): Net Investment in Capital Assets; restricted net position, and unrestricted net position. The statement of activities reports direct program expenses offset by program revenues. The amounts reported as program revenues include charges for services, as well as operating and capital grants as applicable. General revenues include taxes and other items not properly included as program revenue.

Basic Financial Statements – Fund Financial Statements – The District’s accounts are organized on the basis of funds, which are self-balancing set of accounts that comprise its assets, liabilities, reserves, fund balance, revenues and expenditures. The District utilizes Governmental funds, which follow the

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WEST MANATEE FIRE & RESCUE DISTRICT NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED (2) Basis of Presentation – Continued

modified accrual basis of accounting. Under this method, revenues are recorded when they become measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. The District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are generally recorded when a fund liability is incurred. The District also uses a pension trust fund. The District reports the following funds, which are major funds:

Governmental Funds General Fund – The General Fund is the general operating fund of the

District. All general tax revenues are accounted for in this Fund. From the Fund are paid the general operating expenditures, budgeted capital expenditures and debt service costs. Impact Fees collected on new construction are also accounted for in this Fund. These revenues can only be used for the acquisition, construction or purchase of assets required to provide fire protection and emergency services to new construction.

Fiduciary Funds

Pension Trust Fund – Pension trust funds are accounted for on the accrual basis since capital maintenance is critical. Employer and participant contributions are recognized in the period in which the contributions are due. Retirement benefits and refunds are recognized when due and payable in accordance with the plan. The pension trust fund is used to account for a defined benefit pension plan established for employees hired on or after January 1, 1996.

(3) Budgets and Budgetary Accounting – The District prepares an annual operating

budget for the fiscal year commencing October 1. Prior to September 1 of each year, the District’s Fire Chief prepares a proposed budget for the upcoming fiscal year. The budget is based on an analysis of prior year actual revenues and expenditures along with anticipated spending and revenue sources. Budgetary control is exercised on the total expenditure level. Appropriations lapse at the end of the year. The pension trust fund is not budgeted. Once the proposed budget is compiled, it is brought before the Board of Commissioners for approval.

(4) Compensated Absences – It is the District’s policy to permit employees to

accumulate earned but unused vacation and sick pay benefits. All vacation pay is accrued when incurred in the government-wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured or are payable from current financial resources. Compensated absences typically are liquidated out of the General Fund.

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SEPTEMBER 30, 2016

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED

(5) Capital Assets – Capital assets, which include property, plant and equipment, are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $1,000 and an estimated useful life of longer than one year. Capital assets are recorded at historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal repair and maintenance that do not add to the value of the asset or extend the useful life of the asset are expensed as incurred. The District does not have infrastructure assets. Property, plant and equipment of the District are depreciated on a straight-line basis over the following estimated useful lives:

Asset Years Building 40 Improvements 20 Ladder Trucks 20 Fire Engines 10 Vehicles 5-7 Furniture, fixtures and equipment 5-15

(6) Long-Term Obligations – In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities. In the fund financial statements, no long-term obligations are reported as they are not due to be paid from current financial resources.

(7) Deferred Outflows/Inflows of Resources - In addition to assets, the statement

of net position includes a separate section for deferred outflows. This represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. One item qualified for reporting in this category. A deferred outflow of pension resources is reflected in the government-wide statement of net position.

In addition to liabilities, the statement of net position will sometimes report a

separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District has one item that qualifies for reporting in this category. A deferred inflow of pension earnings is reported in the government-wide statement of net position.

(8) Property Taxes – Property taxes become due and payable on November 1 of

each year. The county tax collector remits the District’s portion as such revenues are received. The District collects nearly all of its tax revenues during the period November 1 through April 1, at which time the taxes become delinquent. The maximum rates of tax are set by the Legislature of the State of Florida. The actual amount assessed is determined by the Board of Commissioners of the District.

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SEPTEMBER 30, 2016


(8) Property Taxes –Continued The key dates in the property tax cycle are as follows: Assessment roll validated July 1 Beginning of fiscal year for which taxes have been levied October 1 Tax bills rendered and due November 1 Property taxes payable: Maximum discount November 30 Delinquent April 1 Tax certificates sold May 31 Fiscal year ends September 30

Property taxes are recognized as revenue in the fiscal year for which the taxes have been levied to the extent they result in current receivables. Under the system outlined above, no material amount of taxes is receivable after the end of the fiscal year.

(9) Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(10) Net Position – Net position is reported in three parts as applicable: Net

Investment in Capital Assets; restricted and unrestricted. When both restricted and unrestricted resources are available, restricted resources are used first, and then unrestricted resources, as they are needed.

(11) Fund Balance – The District follows Governmental Accounting Standards Board Statement No. 54 in reporting fund balance in the governmental fund. GASB 54 establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. Fund balance classifications, under GASB 54, are Nonspendable, and Spendable. Spendable is then further classified as Restricted, Committed, Assigned, and Unassigned, as applicable. These classifications reflect not only the nature of funds, but also provide clarity to the level of restrictions placed upon fund balance. Fund Balance can have different levels of restraint, such as external versus internal compliance requirements. Unassigned fund balance is a residual classification within the General Fund. The General Fund should be the only fund that reports a positive unassigned balance.

In accordance with Governmental Accounting Standards Board Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions, the District classified governmental fund balances as follows:

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SEPTEMBER 30, 2016


(11) Fund Balance - Continued

Nonspendable – includes amounts that cannot be spent either because they are not in a spendable form or because of legal or contractual requirements. Spendable Fund Balance:

Restricted – includes amounts that can be spent only for specific purposes because of state or federal laws or enabling legislation, or which are externally restricted by providers, such as creditors or grantors.

Committed – includes amounts that can be spent only for specific

purposes that are determined by a formal action of the Board of Commissioners through a resolution, or passage of the budget.

Assigned – includes amounts designated by the Board of

Commissioners by a majority vote that are intended to be used for specific purposes that are neither considered restricted or committed.

Unassigned – includes residual positive fund balance within the General

Fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those specific purposes.

The District uses restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the District would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance when expenditures are made. The District does not have a formal minimum fund balance policy. Spendable: Restricted: Impact fees $ 241,074 Assigned: SCBA replacement 400,000 Vehicle replacement 250,000 Emergency repair 50,000 Leave liability 125,000 Contingency 2,100,000 Total assigned 2,925,000 Unassigned 1,646,650 Total Fund Balance $ 4,812,724

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SEPTEMBER 30, 2016


SEPTEMBER 30, 2016

NOTE B - CASH AND INVESTMENTS

The District maintains two cash and investment pools. One pool is unrestricted funds and is available for use as determined by the annual budget. The other pool is restricted funds from impact fees. Cash restricted from impact fee revenue can only be used for the acquisition, construction or purchase of assets required to provide fire protection and emergency services to new construction.

Deposits and Investments Chapter 95-194 created Section 218.415 of the Florida Statutes. In accordance with this statute, authorized investments are as follows:

(a) The Local Government Surplus Funds Trust Fund or any intergovernmental

investment pool authorized pursuant to the Florida Interlocal Cooperation Act as provided in Section 163.01, Florida Statutes.

(b) Securities and Exchange Commission registered Money Market Funds with the

highest credit quality rating from a nationally recognized rating agency.

(c) Interest bearing time deposits or savings accounts in state-certified Qualified Public Depositories as defined in Section 280.02, Florida Statutes.

(d) Direct obligations of the U.S. Treasury.

The cash and investment accounts are with institutions that are Qualified Public Depositories and post collateral as required by State Law. Investments in the general fund consist of a Certificate of Deposit in a Qualified Public Depository. There is no penalty for early withdrawal. All of the District’s deposits are entirely collateralized pursuant to Chapter 280 of the Florida Statutes. The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. However, at September 30, 2016, the District only had demand deposits and time deposits.

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NOTE C - CAPITAL ASSETS Beginning Ending Balance Increases Decreases Transfers Balance Governmental Activities Capital assets, not being depreciated Land $ 642,669 $ - 0- $ -0- $ -0- $ 642,669 Construction in process 244,797 2,541,228 -0- (2,786,025) -0- Total capital assets, not being depreciated 887,466 2,541,228 -0- (2,786,025) 642,669 Capital assets being depreciated: Buildings and improvements 5,165,090 155,064 569,094 2,786,025 7,537,085 Machinery and equipment 4,182,537 1,131,156 1,104,116 -0- 4,209,577 Total capital assets being depreciated 9,347,627 1,286,220 1,673,210 2,786,025 11,746,662 Less accumulated depreciation for: Buildings and improvements 1,786,872 198,689 507,336 -0- 1,478,225 Machinery and equipment 3,367,384 230,127 1,013,213 -0- 2,584,298 Total accumulated depreciation 5,154,256 428,816 1,520,549 -0- 4,062,523 Total capital assets, being depreciated, net 4,193,371 857,404 152,661 2,786,025 7,684,139 Governmental activities capital assets, net $ 5,080,837 $3,398,632 $ 152,661 $ -0- $8,326,808 Depreciation expense was included in the statement of activities in the amount of $428,816. NOTE D - LONG-TERM DEBT

During 2010, the District entered into a debt agreement with a financial institution for the purchase and renovation of property for the District’s administration facility. The amount originally available under the loan was $1,500,000. Payments are due in quarterly installments of principal and interest beginning November 1, 2010. The loan is secured by a pledge of tax assessments. The loan was refinanced in December 2013, and resulted in an interest rate of 2.65% and a maturity date of June 30, 2025. Beginning March 31, 2014, quarterly payments of principal and interest were $32,402. During 2013, the District entered into a debt agreement with a financial institution for the purchase of a pumper truck in the amount of $480,760. Payments are due in quarterly installments of principal and interest of $13,660. The interest rate is 2.55% and the note matures September 30, 2023. The loan is secured by a pledge of tax assessments.

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SEPTEMBER 30, 2016

NOTE D - LONG-TERM DEBT - CONTINUED

During 2016, the District entered into a debt agreement with a financial institution for the construction of Station 1 in the amount of $2,000,000. Principal and interest payments are due quarterly in the amount of $56,537. The interest rate is 2.50% and the note matures September 30, 2025. The note is secured by a pledge of tax assessments.

Future maturities of long-term debt are as follows:

Year Ending

September 30, Principal Interest Total 2017 $ 332,474 $ 77,923 $ 410,397 2018 341,046 69,351 410,397 2019 349,841 60,556 410,397 2020 358,860 51,537 410,397 2021 368,114 42,283 410,397

2022-2025 1,425,536 74,196 1,499,732 $ 3,175,871 $ 375,846 $ 3,551,717 Beginning Ending Due Within Balance Additions Reductions Balance One-Year Governmental Activities Notes payable $ 394,293 $ -0- $ 45,015 $ 349,278 $ 46,174 Notes payable 1,110,223 -0- 101,182 1,009,041 103,889 Notes payable -0- 2,000,000 182,448 1,817,552 182,411 1,504,516 2,000,000 328,645 3,175,871 332,474 Net pension liability 1,929,690 2,107,936 1,766,442 2,271,184 -0- OPEB Liability 333,122 -0- 14,564 318,558 -0- Compensated absences 720,275 322,887 328,221 714,941 -0- Governmental activity Long-term liabilities $ 4,487,603 $4,430,823 $ 2,437,872 $ 6,480,554 $ 332,474 NOTE E - SICK LEAVE, VACATION PAY AND POST EMPLOYMENT HEALTH PLAN

District policy grants employees annual and sick leave and longevity pay in varying amounts. Accumulated sick leave benefits are payable at 50% upon retirement. Since the previous expenses are not expected to be liquidated with expendable financial resources, they have been recorded only in the government-wide financial statements.

The District adopted, on January 1, 2001, an Employer Participation Agreement for a Post Employment Health Plan. The District makes annual contributions to the plan of 1% of base salary. The employee’s individual balances will be used to purchase Post Employment Health costs until exhausted. $47,173 was contributed to the plan for the year ended September 30, 2016.

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SEPTEMBER 30, 2016

NOTE F - RECONCILIATION OF GOVERNMENT –WIDE AND FUND FINANCIAL STATEMENTS

Explanation of certain differences between the governmental fund balance sheet and government-wide statement of net position The reconciliation between the fund balance – total governmental funds as reported in the governmental fund balance sheet and net position – governmental activities as reported in the statement of net position, is included on page 12 of the basic financial statements. One line of that reconciliation explains “long-term liabilities, including notes payable, compensated absences and OPEB liability are not due and payable in the current period and therefore are not reported in the governmental funds.” The detail of the difference is shown below:

Notes Payable $ 3,175,871 Compensated Absences 714,941 Net Pension Liability 2,271,184 OPEB Liability 318,558 $ 6,480,554 Explanation of certain differences between the governmental fund statement of revenues, expenditures, and changes in fund balances and the government-wide statement of activities. The reconciliation between the net changes in fund balances – total governmental funds as reported in the statement of revenues, expenditures and changes in fund balances, and the changes in net position as reported in the statement of activities is included on page 14 of the basic financial statements. One line in that reconciliation explains that “Governmental Funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. The details of the difference is shown below:

Capital outlay included as additions $ 3,827,448 Loss on disposal of assets (152,661) Depreciation expense (428,816) $ 3,245,971

NOTE G - RETIREMENT PLANS FLORIDA RETIREMENT SYSTEM – (FRS)

Plan Participation

All full-time employees of the predecessor Districts prior to January 1, 1996, are covered by the State of Florida Retirement System, which is administered by the Florida Department of Management Services, Division of Retirement under the Authority of Article X, Section 14 of the State Constitution and Florida Statutes, Chapter 112 and 121. The system is a contributory, defined benefit, cost-sharing multiple-employer PERS (Public Employee Retirement System).

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SEPTEMBER 30, 2016

NOTE G - RETIREMENT PLANS - CONTINUED Plan Description

Employees (as noted above) of the District are provided with pensions through the Florida Retirement System which is administered by the Florida Department of Management Services, Division of Retirement. The State of Florida issues a publicly available comprehensive annual financial report that can be obtained at http://myfloridacfo.com/Division/AA/Reports/ default.htm.

Under this system, there are two defined benefit pension plans: The Florida

Retirement System Pension Plan and the Retiree Health Insurance Subsidy Program:

The Florida Retirement System (FRS) Pension Plan is a cost-

sharing, multiple employer qualified defined benefit pension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. The FRS was established and is administered in accordance with Chapter 121, Florida Statutes.

The Retiree Health Insurance Subsidy Program (HIS) is a cost-sharing,

multiple-employer defined benefit pension plan established and administered in accordance with Section 112.363, Florida Statutes.

Benefits Provided The FRS provides retirees a lifetime pension benefit with joint and survivor

payment options. Benefits under FRS are computed on the basis of age and/or years of service, average final compensation and service credit. Credit for each year of service is expressed as a percentage of the average final compensation.

Plan Provisions

If first employed prior to July 1, 2011: Normal retirement age for “regular” employees is 62 or 30 years of service and vesting occurs after 6 years of creditable service. Normal retirement age for “special risk” employees is 55 or 25 years of service and vesting occurs after 6 years of creditable service. The average final compensation is the average of the five highest fiscal years’ earnings.

If first employed on or after July 1, 2011: Normal retirement age for “regular” employees is 65 or 33 years of service and vesting occurs after 8 years of creditable service. Normal retirement age for “special risk” employees is 60 or 30 years of service and vesting occurs after 8 years of creditable service. The average final compensation is the average of the eight highest fiscal years’ earnings.

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SEPTEMBER 30, 2016

NOTE G - RETIREMENT PLANS - CONTINUED

FLORIDA RETIREMENT SYSTEM (FRS) – Continued

Plan Provisions - Continued

The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement plan and/or class to which the member belonged when the service credit was earned.

Under the HIS Plan, the benefit is a monthly payment to assist retirees in paying

their health insurance costs. Eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of service credited at retirement multiplied by $5. The minimum payment is $30 and the maximum payment is $150 per month, pursuant to section 112.363, Florida Statutes. To be eligible to receive a HIS benefit, a retiree must provide proof of eligible health insurance coverage, which can include Medicare.

Contributions Required and Made Per Chapter 121, Florida Statutes, contribution requirements of the active employees and the participating employers are established and may be amended by the Florida Department of Management Services, Division of Retirement. Effective July 1, 2011, both employee and employers of the FRS are required to make contributions to establish service credit for work performed in a regularly established position. The Florida Legislature established a uniform contribution rate system for the FRS. The uniform rates are based on the class an employee is placed into which requires employees to contribute 3% and employers to contribute a specified percentage based on class. The District’s contractually required contribution rate for the year ended September 30, 2016, ranged from 7.26% - 7.52% for regular employees, 22.04% - 22.57% for special risk employees and 12.88% - 12.99% for employees in the DROP Program of annual payroll, actuarially determined as an amount that, when combined with employee contributions, is expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Contributions to the pension plan from the District were $109,737 for the year ended September 30, 2016. The HIS Program is funded by required contributions of 1.66% and is included in the contribution rates noted above. Pension Liabilities, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions.

At September 30, 2016, the District reported a liability of $1,353,752 for its proportionate share of the net pension liability which includes both FRS and HIS. The net pension liability was measured as of June 30, 2016, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2016. The District’s proportion of the net pension liability

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SEPTEMBER 30, 2016

NOTE G -RETIREMENT PLANS - CONTINUED


Pension Liabilities, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions - Continued. was based on a long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2016, the District’s proportion was .004353557% for FRS and .002183475% for HIS was consistent with its proportion measured as of June 30, 2016. For the year ended September 30, 2016, the District recognized pension expense of $6,515, related to the FRS/HIS Plan. At September 30, 2016, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

FRS HIS Deferred Deferred Deferred Deferred Outflows of Inflows of Outflows of Inflows of Resources Resources Resources Resources Difference between expected and actual experience $ 84,169 $ (10,235) $ -0- $ (580) Changes in assumptions 66,503 -0- 39,934 -0- Net difference between projected and actual earnings on pension plan investments 505,708 (221,558) 129 -0- Changes in proportion and differences between contributions and proportionate share of contributions -0- (225,689) -0- (77,890) District contributions subsequent to the June 30, 2016 measurement date 22,471 -0- 1,974 -0- $ 678,851 $(457,482) $ 42,037 $ (78,470)

Total deferred outflows were $720,888 and total deferred inflows were $535,952. $22,471 (FRS) and $1,974 (HIS) were reported as deferred outflows of resources related to pensions resulting from District contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the year ended September 30, 2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ending September 30: FRS HIS 2017 $ (43,509) $ 5,327 2018 (43,509) 5,327 2019 (43,509) 5,327 2020 (43,509) 5,327 2021 (43,509) 5,327 Thereafter 18,647 11,772 $ (198,898) $ 38,407

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SEPTEMBER 30, 2016



Actuarial Assumptions The total pension liability in the July 1, 2016 actuarial valuation (June 30, 2016 measurement date) was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.6 percent Salary increases 3.25 percent, including inflation Investment rate of return 7.60 percent, including inflation at 2.60% Mortality rates were based on the generational RP-2000 with Projection Scale BB tables.

The actuarial assumptions used in the June 30, 2016 valuation were based on the results of an actuarial experience study for the period July 1, 2008 – June 30, 2013. Because the HIS is funded on a pay-as-you-go basis, no experience study has been completed for that Plan, but were based on certain results of the most recent experience study for the FRS Plan. The long-term expected rate of return on pension plan investments was determined in October 2016 at the FRS Actuarial Assumptions conference based on a review of long-term assumptions developed both by Milliman’s capital market assumptions team and by a capital market assumptions team from Aon Hewitt Investment Consulting, which consults with the Florida State Board of Administration. The table below shows Milliman’s assumptions for each of the asset classes in which the plan was invested at that time based on the long-term target asset allocation. The allocation policy’s description of each asset class was used to map the target allocation to the asset classes shown below. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption, (2.60%). These assumptions are not based on historical returns, but instead are based on a forward-looking capital market economic model. Annual Target Arithmetic Asset Class Allocation Return Cash 1% 3.0% Fixed income 18% 4.7% Global equity 53% 8.1% Real estate (property) 10% 6.4% Private equity 6% 11.5% Strategic investments 12% 6.1%

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SEPTEMBER 30, 2016



Discount Rate The discount rate used to measure the total FRS pension liability was 7.60%, and the HIS pension liability was 2.85%. The HIS rate decreased from 3.80% in the prior year, based on the most recent actuarial study. The HIS rate is based on the Bond Buyer General Obligation 20-Bond Municipal Bond Index. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that contributions from employers will be made at contractually required rates, actuarially determined. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the District’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the District’s proportionate share of the FRS net pension liability calculated using the discount rate of 7.60%, as well as what the District’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.60%) or 1-percentage-point higher (8.60%) than the current rate: 1% Decrease Discount Rate 1% Increase (6.60%) (7.60%) (8.60%) District’s proportionate share of the FRS net pension liability $ 2,023,843 $ 1,099,277 $ 329,697 The following presents the District’s proportionate share of the HIS net pension liability calculated using the discount rate of 2.85%, as well as what the District’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percent-point lower (1.85%) or 1-percentage-point higher (3.85%) than the current rate: 1% Decrease Discount Rate 1% Increase (1.85%) (2.85%) (3.85%) District’s proportionate share of the HIS net pension liability $ 291,941 $ 254,475 $ 223,381 Pension Plan Fiduciary Net Position The District’s proportion of net position has been determined on the same basis of each Plan. Detailed information about the pension plan’s fiduciary net position is available in the separately issued State of Florida comprehensive annual financial report.

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SEPTEMBER 30, 2016


BENEFITS FOR NON-FIREFIGHTERS HIRED AFTER JANUARY 1, 1996 Non-firefighters hired after January 1, 1996 receive a contribution in the amount of 12.5% of their salary into a defined contribution plan. This defined contribution arrangement was approved in Ordinance 96-03 passed on July 24, 1996. Total contributions were $11,206 on a covered payroll of $87,784. Participants are 100% vested. DEFINED BENEFIT PLAN FOR FIREFIGHTERS HIRED AFTER JANUARY 1, 1996

Plan Description and Summary of Significant Accounting Policies Ordinance 2000-05, which was amended by Ordinances 2003-02, 2005-02, 2008-04 and 2010-01, 2013-04 and 2014-05, established the West Manatee Fire and Rescue District Firefighters’ Retirement Plan (FFRP) which combined individual plans from two predecessor Districts. This plan meets the requirements of Chapter 175 Florida Statutes. The Plan is a single member, defined benefit, public retirement system. The District’s section 175 pension plan is accounted for in the accompanying financial statements as a pension trust fund. Plan administrative costs are paid by the plan. The District Board has the authority to amend or extend the provisions of the plan. The plan is administered by the Pension Board with Salem Trust Company as the custodian of the assets. The Pension Board consists of 5 Trustees, 2 of whom are appointed by the District Board, 2 of whom are full-time Firefighters and elected by members of the Plan, and 1 who is elected by the other 4 trustees and appointed by the Board. The District’s plan does not issue a separate financial report.

Retirees and beneficiaries receiving benefits 3 Terminated plan members entitled to, but not yet receiving, benefits 5 Active plan members 33 Total 41 Basis of Accounting – The FFRP follows the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of each plan.

Asset Valuation – Investments are reported at market value based on quoted prices at month/year end. Investment income is recognized when earned. Gains and losses on sales and exchanges of securities are recognized on the transaction date.

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SEPTEMBER 30, 2016


Benefit Provisions The Plan provides retirement, disability and death benefits to all full-time firefighters hired after January 1, 1996, effective at date of hire. Retirement benefits are calculated as 3.5% of Average Final Compensation times credited service.

Normal Retirement – Earlier of age 55 and 6 years of Credited Service, or 25 years of Credited Service, regardless of age. Early Retirement – 6 years of Credited Service. The accrued benefits are reduced 3% for each year prior to normal retirement. Disability – Service Incurred: Covered from Date of Employment. Non-Service Incurred: 8 years of Credited Service. Benefit accrued to date of disability, but, if service incurred, not less than 42% of Average Final Compensation, if unable to perform duties of a Firefighter, or 65%, if unable to perform any duties for the District. Death Benefits Pre-Retirement – Line of Duty: If member was vested, the beneficiary receives the greater of: 1) the member’s accrued benefit payable at the otherwise Early (reduced) or Normal Retirement Date, or 2) 50% of the member’s monthly salary rate at the time of death, payable for life. Non-Spousal Beneficiaries must commence benefits immediately. If the member was not vested, the beneficiary receives 50% of the member’s monthly salary rate at the time of death, payable for life.

Not in Line of Duty: If member was vested, the beneficiary receives the member’s accrued benefit payable at the otherwise Early (reduced) or Normal Retirement Date. Non-Spousal Beneficiaries must commence benefits immediately. If the member was not vested, the beneficiary receives a refund of the member’s own contributions.

Cost of Living Adjustment – Each July 1 following retirement, the monthly benefit amount is increased 3.5%. The increase is based on the June benefit, excluding any health insurance subsidy. Supplemental Benefit - $5.00 per month for each year of Credited Service. Deferred Retirement Option Program –Satisfaction of Normal Retirement requirements. Not to exceed 60 months. Actual net rate of investment return (total return net of brokerage commissions, management fees and transaction costs) credited each fiscal quarter. The DROP Balance as of September 30, 2016 is $0.

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SEPTEMBER 30, 2016

NOTE G - RETIREMENT PLANS - CONTINUED Benefit Provisions - Continued

Contribution Information Vesting on employer contributions occurs after 6 years of service. Employees are fully vested in their required contributions when made. Required employee contributions were 2.9% of salary. Required contributions from the District along with state contributions are required in order to pay current costs and amortize unfunded past service cost, if any, as provided in Chapter 112, Florida Statutes. Employer contributions for the period ended September 30, 2016 were $445,887, on a covered payroll of $2,345,983. State contributions totaled $280,680, and employee contributions were $67,883.

Investments

The Board establishes investment policies and allocation of invested assets and may amend the policy by majority vote. Plan investments are held by the Salem Trust Company and have a market value of $11,616,449 and a cost of $10,785,209 at September 30, 2016.

As of September 30, 2016, the asset allocations are as follows:

Percent of Total Money Market Funds 2.30% U.S. Government Obligations 7.03% Corporate Bonds 7.84% Common Equity Securities 33.97% Equity Mutual Funds 27.25% Fixed Income Mutual Funds 21.62% 100.00%

Concentrations – The Plan did not hold investments in any one organization that represent 5 percent or more of the Pension Plan’s fiduciary net position. Rate of Return – For the year ended September 30, 2016 the annual money-weighted rate of return on Pension Plan investments, net of pension plan investment expense, was (6.37%). The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Credit Risk - Credit risk results from the potential default of investments that are not financially sound. Investments are limited by Florida Statute Chapter 175 and by an investment policy adopted by the Plan’s Board of Trustees. The Plan’s investments must meet the following criteria: fixed income securities/bonds with a Standard & Poor’s rating of BBB or higher or Moody’s rating of Baa or higher, except that 15% of the fixed income assets, at market, may be invested in securities not meeting this requirement, including foreign. Equities with a - 33 -


SEPTEMBER 30, 2016


Benefit Provisions - Continued

Investments - Continued

Value line ranking for safety 1, 2 or 3, except that 15% of equity assets, at market, may be invested in securities not meeting this requirement. Money Market with a Standard & Poor’s rating of A1 or Moody’s rating of P1. Not more than 5% of the Plan’s assets are to be invested in common stock or capital stock of any one issuing company nor the aggregate investment in any one issuing company exceed 5% of the outstanding capital stock of the Company. The value of bonds issued by a single corporation shall not exceed 10% of the Plan. The Money Market Fund represents 2.30% of assets and has a Moody’s rating of Aaa. Interest Rate Risk - The U.S. Government Obligations have interest rates between 1.05% and 6.00% with maturities from 2017 to 2036. Corporate bonds have interest rates between 2.05% and 7.375% with maturities between 2016 and 2024. Custodial Credit Risk - For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Plan will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Plan investments are held by Salem Trust Company as Custodian for the West Manatee Fire & Rescue District Firefighter’s Retirement Plan. Management invests with custodians it determines to have an acceptable custodial credit risk. Foreign Currency Risk - The Board of Trustees retains outside investment managers to manage investment portfolios. The Board approves and provides investment managers with the Plan’s written investment policy. The Plan’s investment policy states that investments in foreign securities or corporations domiciled outside of the United States shall not exceed 10% of the value at cost of Plan assets.

Fair Value The investments held by the FFRP are measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The District has the following recurring fair value measurements as of September 30, 2016:

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SEPTEMBER 30, 2016


Fair Value - Continued

Fair Value Measurements Using Quoted Prices In Active Significant Significant Markets for Other Unobservable Identical Observable Inputs Assets Inputs 09/30/2016 (Level 1) (Level 2) (Level 3) Investments by fair value level: Money Market $ 266,939 $ 266,939 $ -0- $ -0- Debt securities: U.S. Government Obligations 816,530 -0- 816,530 -0- Corporate Bonds 911,197 -0- 911,197 -0- Mutual Funds – Fixed Income 2,384,735 -0- 2,384,735 -0- Equity securities: Common Stock 3,805,235 3,805,235 -0- -0- Foreign Stock 140,343 140,343 -0- -0- Mutual Funds – Equity 3,165,148 -0- 3,165,148 -0- Unit Investment Trusts 126,322 -0- 126,322 -0- Total investments by fair value $ 11,616,449 $ 4,212,517 $ 7,403,932 $ -0-

Money market accounts, debt and equity securities classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. The District did not have any investments measured as Level 3, or any liabilities measured at fair value. Net Pension Liability

The measurement date is September 30, 2016. The measurement period for the pension expense was October 1, 2015 to September 30, 2016. The reporting period is October 1, 2015 through September 30, 2016. The total pension liability, net pension liability, and certain sensitivity information are based on an actuarial valuation as of October 1, 2015 and rolled forward to September 30, 2016. The Sponsor’s Net Pension Liability was measured as of September 30, 2016. The Total Pension Liability used to calculate the Net Pension Liability was determined as of that date.

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SEPTEMBER 30, 2016


Net Pension Liability - Continued The components of the net pension liability of the sponsor on September 30, 2016 were as follows: Total Pension Liability $ 13,300,234 Plan Fiduciary Net Position (12,382,802) Sponsor’s Net Pension Liability $ 917,432 Plan Fiduciary Net Position as a percentage of Total Pension Liability 93.10%

Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a) – (b) Balance as of September 30, 2015 $ 11,945,761 $ 10,927,389 $ 1,018,372 Change for a Year: Service cost 755,968 -0- 755,968 Interest 917,721 -0- 917,721 Change in Excess State Money (829,189) -0- (829,189) Difference between expected and actual experience (15,216) -0- (15,216) Changes in assumptions 587,156 -0- 587,156 Changes of benefit terms -0- -0- -0- Contributions - Employer -0- 445,887 (445,887) Contributions - State -0- 334,758 (334,758) Contributions - Employee -0- 68,057 (68,057) Net investment income -0- 710,645 (710,645) Benefit payments, including refunds of Employee contributions (61,967) (61,967) -0- Administrative expenses -0- (41,967) 41,967 Net Changes 1,354,473 1,455,413 (100,940) Balance as of September 30, 2016 $ 13,300,234 $ 12,382,802 $ 917,432 The Sponsor’s net pension liability was measured as of September 30, 2016.

Actuarial Assumptions – The total pension liability was determined by an actuarial valuation as of October 1, 2015 updated to September 30, 2016 using the following actuarial assumptions applied to all measurement periods. Inflation 2.50% Salary Increases 6.00% Discount Rate 7.75% Investment Rate of Return 7.75%

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SEPTEMBER 30, 2016


Actuarial Assumptions - Continued Mortality Rate Healthy Lives: Female: RP2000 Generational, 100% Annuitant White Collar, Scale BB. Male: RP2000 Generational, 10% Annuitant White Collar/90% Annuitant Blue Collar, Scale BB. Mortality Rate Disabled Lives: Female: 60% RP2000 Disabled Female set forward two years/40% Annuitant White Collar with no setback, no projection scale. Male: 60% RP2000 Disabled Male setback four years/40% Annuitant White Collar with no setback, no projection scale. The other significant assumptions are based upon the most recent actuarial experience study dated July 22, 2015, for the period 1996–2014. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. For 2016, the inflation rate assumption of the investment advisor was 2.50%. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s target asset allocation as of September 30, 2016 are summarized in the following table: Long-Term Expected Real Asset Class Target Allocation Rate of Return Domestic Equity 45% 7.5% International Equity 15% 8.5% Domestic Fixed Income 30% 2.5% Global Fixed Income 5% 3.5% Real Estate 5% 4.5% 100% Discount Rate – The discount rate used to measure the total pension liability was 7.75%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

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SEPTEMBER 30, 2016


Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the District, calculated using the discount rate of 7.75% as well as 1% higher and 1% lower than the current rate: Current Discount 1% Decrease Rate 1% Increase 6.75% 7.75% 8.75% Sponsor’s Net Pension Liability $ 3,486,481 $ 917,432 $ (1,105,873) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended September 30, 2016 the Sponsor will recognize a pension expense of $294,393. At September 30, 2016 the Sponsor reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Difference between expected and actual experience $ -0- $ (40,529) Changes of assumptions 831,132 -0- Net difference between projected and actual earnings on investments 692,859 -0- Total $ 1,523,991 $ (40,529)

Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year ending September 30: 2017 $ 351,716 2018 $ 351,714 2019 $ 351,714 2020 $ 164,784 2021 $ 131,767 Thereafter $ 131,767

NOTE H – OTHER POST-EMPLOYMENT BENEFITS (OPEB)

The District follows Governmental Accounting Standards Board Statement No. 45, Accounting and Reporting by Employers for Post-employment Benefits Other than Pensions, (OPEB), for certain other post-employment health care and dental benefits provided by the District. The requirements of this Statement were implemented on a prospective basis. The actuarially accrued liability of $1,632,908 is being amortized over a 30 year period.

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SEPTEMBER 30, 2016

NOTE H – OTHER POST-EMPLOYMENT BENEFITS (OPEB) - CONTINUED

Plan Description – The District has established a single employer post retirement health plan that allows the retiree to continue health, dental and vision insurance benefits to the retiree, their spouse, and dependents. The premiums of these coverage’s are solely born by the retiree. The plan requires retirees to contribute an amount based on the average cost of providing the benefit to the covered group. Participants totaled 5 retirees and 40 active employees as part of the actuarial valuation. As required by Florida Statute 112.0801, the District is required to allow retirees to participate in the District’s health plan at the blended group premium rate for both active and retired employees. These rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and future claims are expected to result in higher costs to the plan on average than those of active employees. Funding Policy – Currently, the District’s OPEB benefits are unfunded. There is no separate trust fund or equivalent arrangement into which the District would make contributions to advance-fund the obligation, as it does for its pension plans. Therefore, the ultimate subsidies which are provided over time are financed directly by general assets of the District, which are invested in qualified public depositories. Annual OPEB Cost and Net OPEB Obligation The District’s annual OPEB cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount which was actuarially determined. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The following table shows the components of the District’s annual OPEB cost for the year at the net OPEB obligation: 2016 Annual Required Contribution (ARC) $ 109,632 Interest on Net OPEB Obligation 14,953 Adjustment to the ARC (49,205) Total Annual OPEB Cost 75,380 Age Adjusted Contributions Made (89,944) Decrease in Net OPEB Obligation (14,564) Net OPEB Obligation – beginning of year 333,122 Net OPEB Obligation – end of year $ 318,558

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SEPTEMBER 30, 2016

NOTE H – OTHER POST-EMPLOYMENT BENEFITS (OPEB) - CONTINUED Annual OPEB Cost and Net OPEB Obligation - Continued

Schedule of funding progress:

Actuarial Actuarial UAAL as a Actuarial Value of Accrued Unfunded Percentage of

Valuation Assets Liability (AAL) AAL (UAAL) Funded Covered Covered Payroll Date (a) (b) (b-a) Ratio Payroll ([b-a]/c) 9/30/13 $-0- $ 1,297,736 $ 1,297,736 0.00% $ 2,967,016 43.74% 9/30/15 $-0- $ 1,678,293 $ 1,678,293 0.00% $ 3,063,699 54.78% 9/30/16 $-0- $ 1,632,908 $ 1,632,908 0.00% $ 3,060,876 53.35%

The District’s OPEB cost, the percentage of annual OPEB cost contributed and the Net OPEB obligation follows:

Fiscal Annual Age Adjusted % of Annual OPEB Net OPEB Year OPEB Cost Contributions Cost Contributed Obligation 9/30/16 $ 109,443 $ 89,944 82.2% $ 318,558 9/30/15 $ 118,281 $ 53,568 45.3% $ 333,122 9/30/14 $ 93,683 $ 41,589 44.4% $ 268,409

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions and the probability of occurrence of events far into the future. Examples include assumptions about future employment and termination, mortality, and the healthcare cost trends. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made from the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information (when available) about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Actual Methods and Assumptions – Projection of benefits for financial reporting purposes are based on the substantive plan provisions, as understood by the employer and participating members, and include the type of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and participating members. Projections of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the District and Plan members. The actuarial methods and assumptions used include techniques that are designed to reduce the effect of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.

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SEPTEMBER 30, 2016

NOTE H – OTHER POST-EMPLOYMENT BENEFITS (OPEB) - CONTINUED

The September 30, 2016 OPEB actuarial valuation was calculated using the alternative measurement method in accordance with GASB methodology. The actuarial method used was the entry age with level percentage of payroll. Because the OPEB liability is currently unfunded, the actuarial assumptions included a 5% discount rate. The actuarial assumptions also included mortality rates set forth in the RP-2000 mortality tables for males and females projected 10 years, and standard turnover assumptions based on GASB 45. Retirement was assumed to occur at age 55. Health care cost rates were assumed to be 8% for 2016, decreasing 1% per year through Year 3, and decreasing to 4.7% in year 10. Dental care cost rates were assumed to be 3.5% for year 1, decreasing to 3.0% in year 10. Vision care cost rates were assumed to be 3.00% for all years. The cost trend numbers used in the analysis were developed consistent with the Getzen model promulgated by the Society of Actuaries for use in long-term trend projection.

NOTE I - RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There has been no significant decrease in coverage from the prior year. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE J - RENTAL INCOME The District rents space at fire stations to Manatee County for EMS services. The District also rents space on its tower to a third party for cell phone providers. Total current year rents were $80,856. Future rental income for the next five years is expected to be approximately $81,000 per annum.

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SEPTEMBER 30, 2016

REQUIRED SUPPLEMENTARY INFORMATION

VARIANCE WITH

FINAL BUDGETORIGINAL FINAL FAVORABLE BUDGET BUDGET ACTUAL (UNFAVORABLE)

REVENUESFire Protection Services:

Tax assessments 6,628,809$ 6,628,809$ 6,604,469$ (24,340)$ Impact fees 20,000 20,000 67,830 47,830 Interest income 9,950 9,950 17,652 7,702 Inspection fees 2,000 2,000 3,195 1,195 Grant income - - 178,442 178,442 Reimbursements 157,740 157,740 109,353 (48,387) Miscellaneous income 46,356 46,356 46,823 467

Total Revenues 6,864,855 6,864,855 7,027,764 162,909

EXPENDITURES Public Safety:

Personal services 5,141,973 5,141,973 4,749,769 392,204 Operating expenditures 1,335,469 1,335,469 813,656 521,813 Capital outlay 5,948,411 6,438,411 3,818,390 2,620,021

Debt service:Principal 270,000 270,000 328,645 (58,645) Interest 140,000 140,000 81,753 58,247 Total Expenditures 12,835,853 13,325,853 9,792,213 3,533,640

Excess of revenues over (under) expenditures (5,970,998) (6,460,998) (2,764,449) 3,696,549

Other Financing SourcesProceeds from sale of fixed assets - 490,000 525,968 (35,968) Proceeds from loan 1,750,000 2,000,000 2,000,000 -

1,750,000 2,490,000 2,525,968 (35,968)

Net Change in Fund Balance (4,220,998) (3,970,998) (238,481) 3,660,581

FUND BALANCE, October 1, 2015 5,051,205 5,051,205 5,051,205 -

FUND BALANCE, September 30, 2016 830,207$ 1,080,207$ 4,812,724$ 3,660,581$

Note 1 - Budgetary BasisThe general fund budget is prepared on a basis consistent with U.S. generally accepted accounting principles.

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WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL - GENERAL FUNDFOR THE YEAR ENDED SEPTEMBER 30, 2016

Last 10 Fiscal Years (Dollar Amounts in Thousands)

9/30/14 9/30/15 9/30/16

Total Pension Liability Service Cost $ 599,259 $ 666,228 $ 755,968 Interest 697,564 796,006 917,721 Change in Excess State Money -0- -0- (829,189) Changes of Benefit Terms Differences Between Expected and Actual Experience -0- (36,648) (15,216) Changes in Assumptions -0- 437,140 587,156 Benefit Payments, Including Refunds of Employee

Contributions (206,528) (60,003) (61,967) Net Change in Total Pension Liability 1,090,295 1,802,723 1,354,473 Total Pension Liability – Beginning 9,052,743 10,143,038 11,945,761 Total Pension Liability – Ending (a) $ 10,143,038 $11,945,761 $13,300,234

Plan Fiduciary Net Position

Contributions – Employer $ 341,572 $ 440,741 $ 445,887 Contributions – State 394,968 405,207 334,758 Contributions – Employee 59,664 65,561 68,057 Net Investment Income 782,855 (86,120) 710,645 Benefit Payments, Including Refunds of Employee

Contributions (206,528) (60,003) (61,967) Administrative Expense (23,431) (37,685) (41,967) Other -0- -0- -0-

Net Change in Plan Fiduciary Net Position 1,349,100 727,701 1,455,413 Plan Fiduciary Net Position – Beginning 8,850,588 10,199,688 10,927,389 Plan Fiduciary Net Position – Ending (b) $ 10,199,688 $10,927,389 $12,382,802

Net Pension Liability – Ending (a) – (b) $ (56,650) $ 1,018,372 $ 917,432

Plan Fiduciary Net Position as a Percentage of the

Total Pension Liability 100.56% 91.48% 93.10%

Covered Employee Payroll $ 2,057,376 $ 2,260,739 $ 2,346,803 Net Pension Liability as a Percentage of Covered

Employee Payroll -2.75% 45.05% 39.09%

Until a full 10-year trend is compiled, information will be presented for those years available.

Notes to Schedule: Changes in Assumptions: For the fiscal year ended September 30, 2015, the investment rate of return was changed from 8.00% to 7.75%.

For measurement date September 30, 2016, as a result of Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed to the assumptions used by the Florida Retirement System for special risk employees. The inflation assumption rate was lowered from 3.00% to 2.50%, matching the long-term inflation assumption utilized by the Plan’s investment consultant.

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WEST MANATEE FIRE & RESCUE DISTRICT SCHEDULE OF CHANGES IN NET PENSION LIABILITY

AND RELATED RATIOS - FFRP

Last 10 Fiscal Years (Dollar Amounts in Thousands)

9/30/14 9/30/15 9/30/16 Actuarially Determined Contribution $ 736,540 $ 739,262 $ 725,162 Contributions in Relation to the Actuarially Determined Contributions 736,540 739,262 780,645 Contribution Deficiency (Excess) $ -0- $ -0- $ (55,483) Covered Employee Payroll $ 2,057,376 $2,260,739 $ 2,346,803 Contributions as a Percentage of Covered Employee Payroll 35.80% 32.70% 33.26% Notes to Schedule Valuation Date: 10/01/2014 Actuarially determined contribution rates are calculated as of October 1, two years prior to the end of the fiscal year in which contributions are reported. Methods and assumptions used to determine contribution rates: Actuarial Cost Method: Aggregate Actuarial Cost Method Asset Valuation Method: Each year, the prior Actuarial Value of Assets is brought forward utilizing the historical geometric 4-year average Market Value return. It is possible that over time this technique will produce an insignificant bias above or below Market Value. Inflation: 3.0% Salary Increases: 6.0% per year up to the assumed retirement age. Projected

salary at retirement is on an individual basis to account for non-regular compensation.

Interest: 8.0% per year compounded annually, net of investment related expenses. Retirement Age: Earlier of 1.) Age 55 and the completion of 6 years of service or 2.) the completion of 25 years of service, regardless of age. Members who are eligible to retire on the valuation date are assumed to work one additional year. Early Retirement: None. Disability: See below table. Mortality: RP-2000 Combined Healthy Mortality Table. Based on a study of over 650 public safety funds, this table reflects a 10% margin for future mortality improvements. Disabled lives set forward 5 years. % Becoming Disabled % Terminating Age During the Year During the Year 20 0.14% 12.40% 30 0.18% 10.50% 40 0.30% 5.70% 50 1.00% 1.50% Until a full 10-year trend is compiled, information will be presented for those years available.

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WEST MANATEE FIRE & RESCUE DISTRICT SCHEDULE OF CONTRIBUTIONS AND NOTES - FFRP

9/30/14 9/30/15 9/30/16 Annual Money-Weighted Rate of Return Net of Investment Expense 8.69% -0.82% 6.37% Until a full 10-year trend is compiled, information will be presented for those years available.

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WEST MANATEE FIRE & RESCUE DISTRICT SCHEDULE OF ANNUAL MONEY-WEIGHTED RATE OF RETURN ON INVESTMENTS - FFRP

2014 2015 2016District's proportion of the net pension liability 0.005296224% 0.004832336% 0.004353557%

District's proportionate share of the net pension liability 323,148$ 624,161$ 1,099,277$

District's covered-employee payroll 839,374$ 812,025$ 602,731$

District's proportionate share of the net pension liabilityas a percentage of its covered-employee payroll 38% 77% 182%

Plan fiduciary net position as a percentage of total pension liability 96.09% 92.00% 84.88%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years.

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FLORIDA RETIREMENT SYSTEM (FRS)Available Years *

WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE

OF THE NET PENSION LIABILITYSEPTEMBER 30, 2016

2014 2015 2016District's proportion of the net pension liability 0.002819525% 0.002815695% 0.002183475%

District's proportionate share of the net pension liability 263,632$ 287,157$ 254,475$


District's proportionate share of the net pension liabilityas a percentage of its covered-employee payroll 31% 35% 42%

Plan fiduciary net position as a percentage of total pension liability 0.99% 0.50% 0.97%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years.

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RETIREE HEALTH INSURANCE SUBSIDY PROGRAM (HIS)

WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE

OF THE NET PENSION LIABILITYSEPTEMBER 30, 2016

Available Years *

2014 2015 2016Contractually required contribution 116,010$ 117,816$ 106,168$

Contributions in relation to the contractuallyrequired contributions 116,010 117,816 106,168

Contribution deficiency (excess) -$ -$ -$


Contributions as a percentage of covered-employee payroll 13.82% 14.51% 17.61%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will containinformation for the last ten years.

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WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF THE DISTRICT'S CONTRIBUTIONS

SEPTEMBER 30, 2016

FLORIDA RETIREMENT SYSTEM (FRS)Available Years *

2014 2015 2016Contractually required contribution 9,659$ 10,763$ 11,192$

Contributions in relation to the contractuallyrequired contributions 9,659 10,763 11,192

Contribution deficiency (excess) -$ -$ -$


Contributions as a percentage of covered-employee payroll 1.15% 1.33% 1.86%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will containinformation for the last ten years.

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RETIREE HEALTH INSURANCE SUBSIDY PROGRAM (HIS)

WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF THE DISTRICT'S CONTRIBUTIONS

SEPTEMBER 30, 2016

Available Years *


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION-FRS/HIS SEPTEMBER 30, 2016

ACTUARIAL METHODS AND ASSUMPTIONS Actuarial assumptions for both defined benefit plans (FRS and HIS) are reviewed annually by the Florida Retirement System Actuarial Assumptions Conference. The FRS Pension Plan has a valuation performed annually. This HIS Program has a valuation performed biennially that is updated for GASB reporting in the year a valuation is not performed. The most recent experience study for the FRS Pension Plan was completed in 2014 for the period July 1, 2008, through June 30, 2013. Because the HIS Program is funded on a pay-as-you-go basis, no experience study has been completed for this program. The total pension liability for each of the defined benefit plans was determined by an actuarial valuation as of July 1, 2016, using the individual entry age normal actuarial cost method. Inflation increases for both plans is assumed at 2.60%. Payroll growth for both plans is assumed at 3.25%. Both the discount rate and the long-term expected rate of return used for FRS Pension Plan investments is 7.60%. The plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. Because the HIS Program uses a pay-as-you-go funding structure, a municipal bond rate of 2.85% (based on the Bond Buyer General Obligation 20-Bond Municipal Bond Index) was used to determine the total pension liability for the program. Mortality assumptions for both plans were based on the Generational RP-2000 with Projection Scale BB tables. The following changes in actuarial assumptions occurred in 2016:

FRS: The long-term expected rate of return decreased from 7.65% to 7.60% and the active member mortality assumptions were updated.

HIS: The municipal rate used to determine total pension liability decreased from 3.80%

to 2.85%.

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SCHEDULE OF POST-EMPLOYMENT BENEFITS OTHER THAN PENSION

The information presented in the above Required Supplementary Information schedule was determined as part of the actuarial valuation at the date indicated. Additional information as of the latest actuarial valuation follows: Valuation Date 9/30/2016 Actuarial Cost Method Entry Age Amortization Method Level Percentage of Payroll Remaining Amortization Period 30 years, open Asset Valuation Method Unfunded Actuarial Assumptions: Investment rate of return 5% Initial Per Capita Cost Trend Rate 8% Ultimate Health Care Cost Trend Rate 4.7% Initial Dental Cost Trend Rate 3.5% Ultimate Dental Cost Trend Rate 3% Initial Pharmacy Cost Trend Rate 8% Ultimate Pharmacy Cost Trend 4.7% Vision Cost Trend Rate 3%

SCHEDULE OF FUNDING PROGRESS UNFUNDED (B) ACTUARIAL UAAL AS A (A) ACTUARIAL ACCRUED PERCENTAGE ACTUARIAL ACTUARIAL ACCRUED LIABILITY (A/B) (C) OF COVERED VALUATION VALUE OF LIABILITY (UAAL) FUNDED COVERED PAYROLL DATE ASSETS (AAL) (B-A) RATIO PAYROLL ((B-A)/C) 09/30/13 $-0- $ 1,297,736 $ 1,297,736 0.00% $ 2,967,016 43.74% 09/30/15 $-0- $ 1,678,293 $ 1,678,293 0.00% $ 3,063,699 54.78% 09/30/16 $-0- $ 1,632,908 $1,632,908 0.00% $ 3,060,876 53.35%

SCHEDULE OF EMPLOYER CONTRIBUTIONS

FISCAL ANNUAL YEAR REQUIRED PERCENTAGE ENDED CONTRIBUTION CONTRIBUTED 09/30/14 $ 92,449 45.0% 09/30/15 $ 116,749 45.9% 09/30/16 $ 109,632 82.0%

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OTHER SUPPLEMENTAL INFORMATION

VARIANCE WITHFINAL BUDGET

FINAL FAVORABLE BUDGET ACTUAL (UNFAVORABLE)

PERSONAL SERVICESSalaries and wages 3,009,537$ 2,869,846$ 139,691$ Longevity 142,507 141,391 1,116 Education incentive 49,020 49,638 (618) Volunteer pay 94,000 55,240 38,760 Payroll taxes 252,082 232,294 19,788 Compensated expenses 97,000 82,581 14,419 Retirement 599,198 572,169 27,029 Post employment health plan 39,963 47,173 (7,210) Insurance-health and life 746,600 600,650 145,950 Insurance-workers compensation 93,066 92,604 462 Uniforms 19,000 6,183 12,817

TOTAL PERSONAL SERVICES 5,141,973$ 4,749,769$ 392,204$

OPERATING EXPENDITURESRepairs and maintenance 486,788$ 164,072$ 322,716$ Insurance 67,000 62,378 4,622 Training 69,904 25,737 44,167 Office expense 11,500 8,412 3,088 Supplies 23,000 18,240 4,760 Utilities 124,000 94,003 29,997 Fire prevention 13,000 7,052 5,948 Special services 237,500 174,265 63,235 Tax collector/appraiser 205,438 198,902 6,536 Professional fees 75,000 45,802 29,198 Miscellaneous 22,339 14,793 7,546

TOTAL OPERATING EXPENDITURES 1,335,469$ 813,656$ 521,813$

GENERAL FUND

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WEST MANATEE FIRE & RESCUE DISTRICTSCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND

FOR THE YEAR ENDED SEPTEMBER 30, 2016

OTHER AUDITOR’S REPORTS

Documents

WEST MANATEE FIRE & RESCUE DISTRICT FINANCIAL … rpts/2016 west...west manatee fire & rescue district financial statements september 30, 2016 . table of contents – continued page